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The chairman of The Bank of
East Asia, David Li, says he's
"very disappointed" that the former Hong Kong Monetary Authority Chief Executive Joseph
Yam had been singled out for
criticism in a Legco report into the huge losses suffered by local investors who bought Lehman Brothers mini-bonds. Mr
Li, who's also a legislator
representing the banking
sector, said Mr Yam gave
"fully of himself for Hong
Kong" during his tenure. In a
statement, Mr Li said a number
of bankers had told him that
the charges in the report were
"extremely unfair and
ill-considered". Mr Li also
said had the US government
rescued Lehman Brothers, the dramatic default of financial
products related to the
investment bank would not have
been triggered.
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